SBI reports Rs 838-cr profit in Q4, trims bad loan ratio

SBI reports Rs 838-cr profit in Q4, trims bad loan ratio

New Delhi: SBI today said it has reported net profit of Rs 838.40 crore in fourth quarter of 2018-19 fiscal on a standalone basis as non-performing assets (NPAs) came down.

The state-owned lender had witnessed a net loss of Rs 7,718.17 crore during the corresponding January-March quarter of 2017-18.

Income (standalone) during the March quarter of 2018-19 rose by nearly 11% to Rs 75,670.50 crore as against Rs 68,436.06 crore in the same period of the preceding fiscal, the bank said in a regulatory filing.

For the full year 2018-19, bank reported a consolidated net profit of Rs 3,069.07 crore while there was a loss of Rs 4,187.41 crore in the entire 2017-18. Income (consolidated) grew to Rs 3.30 lakh crore for the fiscal year compared to Rs 3.01 lakh crore in 2017-18.

State Bank of India (SBI) witnessed improvement in its asset quality as gross NPAs reduced to 7.53% of gross advances at end March 2019, as against 10.91% by end of March 2018.

Net NPAs or bad loans too trimmed down to 3.01% as against 5.73%.

“The bank has delivered an excellent performance on all parameters. The turnaround has happened. The improvement in asset quality is visible. Both the gross bad loans and net dud assets ratios are substantially down,” SBI chairman Rajnish Kumar said.

Cuts MCLR by 5 bps

Meanwhile, the country’s largest lender has cut its marginal cost-based lending rate (MCLR) by 5 basis points on loans of all tenors.

With this reduction, 1-year MCLR has come down to 8.45% per annum from 8.5%.

This is the second rate cut by the bank in the past one month. — PTI


Numbers at a glance 

  • The state-owned lender had witnessed a net loss of  Rs 7,718.17 crore during the corresponding January-March quarter of 2017-18
  • Income (standalone) during the March quarter of 2018-19 rose by nearly 11% to Rs 75,670.50 crore as against Rs 68,436.06 crore in the same period of the preceding fiscal
  • For the full year 2018-19, bank reported a consolidated net profit of Rs 3,069.07 crore while there was a loss of Rs 4,187.41 crore in the entire 2017-18

[“source=tribuneindia”]